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BitConnect shuts down after accusations it was running a cryptocurrency Ponzi scheme

January 17, 2018 -

BitConnect's shutdown seems to have taken a lot of people by surprise, but the truth is that even more have been expecting it for quite some time now. This is due to the fact that the investment platform has been the subject of criticism from a number of well-respected cryptocurrency and blockchain experts in the past, most notably when Ethereum founder Vitalik Buterin and Litecoin founder Charlie Lee both spoke against it and called it a mere Ponzi scheme. Not to ...

BitConnect collapse reveals that cryptocurrency sites can really only succeed as long as they receive good press to build “confidence”

January 22, 2018 -

The announcement comes as the founders of both Ethereum and Litecoin (two popular counterparts to the popular Bitcoin cryptocurrency) accused BitConnect of running a Ponzi scheme, further damaging its reputation. The trading site has released its users' entire active loans, transferring all of their lending wallet balances to their actual wallets. BitConnect has also shut down its Bitcoin Cash platform entirely.

In explaining the reasons for the sudden ...

Off the radar: Indicted BitConnect founder Satish Kumbhani disappears

March 04, 2022 -

The Securities and Exchange Commission (SEC) acknowledged the BitConnect founder's disappearance in a Feb. 28 filing. Senior trial counsel Richard G. Primoff wrote in the filing that the SEC "did not know the whereabouts of Kumbhani, an Indian citizen, at the time it filed this action." He added that "at present, Kumbhani's location remains unknown and that the [SEC] remains unable to state when its efforts to locate him will be successful, if at all."

"In October ...

Before it collapsed, BitConnect hucksters thought they were the masters of the universe… hilarious video shows the insanity

February 05, 2018 -

In this video clip, Matos is seen in a cringe-worthy display acting as a used car salesman for "Biiitcooonnnnnnneeeeeecct." Watch as he hilariously tries to rally the crowd in favor of the scam company, which was recently shuttered after federal regulators determined that BitConnect was running an illegal securities exchange for the purpose of ripping off users.

Though BitConnect is still in operation as a basic exchange, its proprietary BitConnect ...

Another Crypto Ponzi scheme collapses: DavorCoin caught defrauding investors who lost nearly everything

February 18, 2018 -

Scottsdale, Arizona-based DavorCoins (DAV), which operated a lending scheme similar to the one that resulted in the recent collapse of BitConnect, reportedly left its investors with basically nothing after the value of its coin offering plummeted to almost zero.

According to Zero Hedge, the DavorCoins scheme involved collecting money from investors on loan with the promise of interest rates as high as 48 percent.

Using the DavorCoins "lending and profit ...

Bitcoin warning from billionaire Warren Buffett: Cryptocurrencies are a toxic bubble that will most likely ”come to a bad ending”

January 22, 2018 -

"In terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending," he said in the CNBC interview which was posted online through the official CNBC website. He has stated multiple times that Bitcoin is a bubble, and appears to have maintained his view on it even after all of the times that the cryptocurrency made headlines.

"When it happens or how or anything else, I don't know," Buffett added. "If I could buy a fiver-year ...

India announces determined plan to “eliminate” Bitcoin… cryptos tumble

February 06, 2018 -

In a recent announcement, India's finance minister, Arun Jaitley, told lawmakers in New Delhi that his country believes in the concept of cryptocurrency, and wants to embrace the blockchain concept in a general sense. But it does not want to see Bitcoin adopted by its people, and is thus taking action to try to bar its use.

"The government does not consider cryptocurrencies legal tender or coin and will take all measures to eliminate use of these crypto-assets in financing ...

Bitcoin created by the CIA and NSA, warns co-founder of Kaspersky security software firm

January 31, 2018 -

Natalya Kaspersky, president of the "InfoWatch" group of companies and co-founder and ex-CEO of antivirus security software company "Kaspersky Lab," wrote in a presentation slide that Bitcoin "was designed to provide quick funding for U.S., British and Canadian intelligence activities in different countries."

She further made the implication that Bitcoin isn't the decentralized, crowdsourced alternative to fiat currency that many people think it is. To the contrary, ...

Cryptocurrency schemes continue to unravel as nearly half of all ICOs from last year have already tanked

March 09, 2018 -

In recent days the U.S. Securities and Exchange Commission made a major move against cryptocurrency firms, issuing dozens of subpoenas — perhaps topping 100, some groups estimate — to companies that either conducted or advised on initial coin offerings, or ICOs, according to Simon Black for Sovereign Man.

He added that readers of his are not surprised by that because, as he’s “long warned,” the ICO market is a scam and one of the largest bubbles he has ever seen.

He ...

NY Times now covering Bitcoin frauds and Ponzi schemes as establishment assault on cryptocurrency goes ballistic

February 18, 2018 -

Many of these problems we've highlighted here at Natural News, but now the corporate media is finally bringing these things to light as well. The NYT points to multiple hacking incidents, Ponzi schemes, and government regulatory wrangling that, according to some, seems to be tightening the noose around the cryptocurrency boom.

"Signs of trouble have appeared at nearly every level of the industry, from the biggest exchanges to the news sites and chat rooms where the ...

Health Ranger releases new “Sh*tcoin and Buttcoin” Counterthink animation that mocks Bitcoin crypto-lunacy

January 17, 2018 -

You can watch it now at Counterthink.com (or see the embedded videos, below).

As of today, Bitcoin has now plummeted 50% from its high, and many former Bitcoin cultists are finally starting to awaken to the reality that Bitcoin isn't going to take over the world's money supply. A major Bitcoin transaction hub, BitConnect, was just shuttered after being accused of sketchy, Ponzi-like schemes. At the same time, Bitcoin's supposed usefulness as a payment system ...

FBI special agent warns: Crypto fraudsters exploit LinkedIn to dupe unsuspecting users

June 21, 2022 -

The fraudsters, who usually pose as professionals, create fake profiles and reach out to LinkedIn users. They initiate small talk over the platform's chatbox until eventually, they offer to help the victims make money through crypto investment.

LinkedIn is supposedly a trusted platform for business networking, so people tend to believe that the investments are legitimate. The fraudsters direct the users to legitimate investment platforms for crypto, but after several months, ...

Cryptocurrency is dying as young speculators shift to Robinhood and zero-cost trading

June 28, 2020 -

With its innovative “zero-cost” trading model, Robinhood has quickly gained a following among young, tech-savvy but cash-strapped investors – the same type that was attracted to bitcoin at its height.The rise and fall of cryptocurrency

The concept of cryptocurrency goes as far back as 1998 when computer scientist Wei Dai published a paper describing what he then called “B-Money.” The concept behind this was the creation of a decentralized digital currency that would string ...